Slower than expected digital ad sales have failed to offset a continued slump in revenue from print. Investment in The Guardian’s operations in the US and Australia has also increased costs.

During the year, The Guardian’s global online audience grew by 20.2% to 155 million unique monthly browsers in April.

Pemsel said: "Faced with a volatile advertising market, we have taken decisive action to control our cost base, reduce headcount, and grow our revenues around membership, branded content, video and data.

"We are on track to deliver a 20% reduction in our cost base over the next three years, while our unique ownership structure will allow us to continue to invest in the world-class journalism that these numbers clearly show our international audiences want."